New York-based blockchain start-up Flexa raised $14.1 million in order to launch a blockchain-powered payment network for the retail industry.
The development was revealed in a press release published on April 11. Per the release, Flexa has raised $14.1 million in financing from such individuals as early stage token fund 1kx, financial investment companies Access Ventures and Nima Capital, and hedge fund Pantera Capital, which just recently exposed that it was close to completing funding for its third endeavor fund, already raising $160 million.
The company plans to produce a payment network for merchants that would reduce costs, overhead, and fraud by methods of blockchain-based settlements. Flexa is also preparing to release a mobile application through which consumers might conduct operations with cryptocurrencies they currently own.
Tyler Spalding, Co-Founder and CEO of Flexa, stated that “the anti-fraud and cost benefits of global cryptocurrency payments are enormous, but there are many barriers to mainstream adoption for merchants and consumers alike. Flexa's going to change that.”
Blockchain innovation has actually ended up being widely used in the retail industry. Earlier today, United States food and drug chain Albertsons Companies revealed it will use IBM's Food Trust blockchain platform to track the supply chain for romaine lettuce, however, intends to branch off into other products.
Last month, the U.S. Pork Board partnered with blockchain startup ripe.io to check out a blockchain platform for pork supply chains. The collaboration will seemingly enable the Board to utilize a blockchain-based ecosystem to keep track of and examine sustainability practices, food security requirements, animals health, and environmental protections.
Who and What is Flexa?
Flexa, is a new app that makes it easy to spend one's cryptocurrency in stores — instantly — with a simple scan of your cellphone.
Flexa is creating a world where consumers can spend the cryptocurrencies of their choice quickly, easily and seamlessly, whether online or in stores, and are looking forward to seeing how people use it to unlock the power of cryptocurrencies in the real world.
The Flexa team has decades of payments experience, they firmly believe that the best way for global commerce to become more efficient and accessible is by bringing cryptocurrency to the masses.
The founding team of Flexa converged around a passion for empowering buyers and sellers to connect using the currencies of their choice along with the full freedoms and privacy provided by the blockchain. By making cryptocurrencies spendable in mainstream commerce, it is their sincere hope that through Flexa, they can help bring the full promise of blockchain technologies to people all over the world.